The Securities and Exchange Commission (SEC) has shot down a request by customers of Menzgold Ghana Limited to be included in a bailout for depositors of collapsed fund management firms.
The request followed provisions in the mid-year budget for payments to be made to customers of fund management companies whose licences were revoked by the Commission.
In a letter declining the request, SEC explained that the bailout did not cover Menzgold customers.
“Unfortunately, your request for inclusion cannot be acceded to because the target of the bailout is clearly defined and does not cover Menzgold customers,” the letter said.
The letter further informed customers that Menzgold was not an asset management company regulated by it.
The SEC ordered Menzgold to suspend aspects of its operations in 2018.
Since then, Menzgold has struggled to pay its customers their monies.
The Commission recently disclosed that the government is set to announce a …